Situation and repositioning strategies and action for Louis Vuitton
In 1854 Louis Vuitton was founded as a company that sold luxurious pieces or creations of accessories that also included the ones required for traveling or some sports. It was an elite brand which monogram “LV” was initially created with the purpose of preventing counterfeiting and at the same time, distinguishing itself from others.
As of 2014, according to Forbes.com, the company’s brand value is set to $29.9 billion dollars, its ranked #10 among the world most valuable brands – for six years it had the tittle of the #1 luxury brand until 2012 - and has an average annual revenue of $9.7 billion dollars. It was the fame and positioning that it gained passing the years …show more content…
But what is exclusivity, what is luxury? Why this are terms so important? In ancient medieval times luxury was used to maintain social distinction and it was controlled by law, certain standards were to be kept draw a line between the rich and the poor. This extended to the places, stores, products and even religion. Only a few where allowed to acquire a specific set of products. There was an idea of the right to having something only for a privilege group of people that could easily recognize among each other just for their external look, it was a matter of …show more content…
A new concept of luxury that depart from that set of thought call the inside. People mostly do not reject luxury but they do reject what, in some cases, involved the making of the product and the idea of having something everyone can have. Of course, the sense of “what everyone can have” changes with the economic level and because of these we can talk about luxury and Hyper luxury in pursuance of reaching all the clients needs.
In general terms, the new luxury is represented by scarcity, by how the product is made and where, the materials used for its confection and of course the places where it is sold. Taking it one step farther, hyper luxury can talk about a small branch of products – numbered if possible-, a personalized product, no need to show the brand logo, it will be understood, the story behind the product and the craftsmanship. For hyper luxury, less is more. Only a small group of people know about this, it’s almost private and it also toys with the waiting time.
Many inputs are indispensable to be taken in account when deciding how to turn around a brand or to enroll it into new action, strategies and communication. A brand like LV could and should be able to attend the needs of both its clients to reposition the brand and take it to it highest level: the luxurious and hyper
In 1854 Louis Vuitton was founded as a company that sold luxurious pieces or creations of accessories that also included the ones required for traveling or some sports. It was an elite brand which monogram “LV” was initially created with the purpose of preventing counterfeiting and at the same time, distinguishing itself from others.
As of 2014, according to Forbes.com, the company’s brand value is set to $29.9 billion dollars, its ranked #10 among the world most valuable brands – for six years it had the tittle of the #1 luxury brand until 2012 - and has an average annual revenue of $9.7 billion dollars. It was the fame and positioning that it gained passing the years …show more content…
But what is exclusivity, what is luxury? Why this are terms so important? In ancient medieval times luxury was used to maintain social distinction and it was controlled by law, certain standards were to be kept draw a line between the rich and the poor. This extended to the places, stores, products and even religion. Only a few where allowed to acquire a specific set of products. There was an idea of the right to having something only for a privilege group of people that could easily recognize among each other just for their external look, it was a matter of …show more content…
A new concept of luxury that depart from that set of thought call the inside. People mostly do not reject luxury but they do reject what, in some cases, involved the making of the product and the idea of having something everyone can have. Of course, the sense of “what everyone can have” changes with the economic level and because of these we can talk about luxury and Hyper luxury in pursuance of reaching all the clients needs.
In general terms, the new luxury is represented by scarcity, by how the product is made and where, the materials used for its confection and of course the places where it is sold. Taking it one step farther, hyper luxury can talk about a small branch of products – numbered if possible-, a personalized product, no need to show the brand logo, it will be understood, the story behind the product and the craftsmanship. For hyper luxury, less is more. Only a small group of people know about this, it’s almost private and it also toys with the waiting time.
Many inputs are indispensable to be taken in account when deciding how to turn around a brand or to enroll it into new action, strategies and communication. A brand like LV could and should be able to attend the needs of both its clients to reposition the brand and take it to it highest level: the luxurious and hyper